Citic Bank Has Halted Trading On News Of Chinese Virtual Credit Card Crackdown

China’s Central Bank has reportedly ordered virtual credit cards to be temporarily halted.

Shares in Chinese bank Citic are being hosed after reports that China’s central bank is tightening its rules around virtual credit cards.

Citic halted trading on its Shanghai-listed shares this afternoon after they dropped 8.1 per cent.

Citic shares are still trading in Hong Kong, where they’re down 6.86 per cent.

According to the Financial Times, internet goliaths Alibaba and Tencent revealed they were planning to partner with Citic to offer virtual credit cards but the People’s Bank of China have today ordered this line of business be temporarily suspended.

The company says it is still seeking to clarify media reports.

There’s more here.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.